It's plenty for everything but modern gaming, and since those games aren't likely to be ported to ARM on Mac anytime soon it's not a huge problem. Apple has always had something of a rocky relationship with game publishers, at least on the Mac. Lots of older games will probably work fine, assuming the driver situation isn't a nightmare. Apple is somewhat notorious for neglecting graphics card drivers unfortunately.
The bigger question to be answered is whether this is a baseline that will be surpassed handily by the higher end released coming later, or that this is about as good as it gets now.
I'm assuming that the reason these were released separately was because the later arriving devices have significantly differing SoC's with even better performance, and maybe even discrete GPUs with variable, scaling performance.
1050 Ti is not current gen. Geforce 10 series have been out for more than 4 years now. the current gen is RTX 30 series
1050 is just one generation removed from most current discrete GPUs, I don't believe the 3000 series is out yet on laptops, the 2080 just came out last year.
The 1050 Ti (4 years old) has about the same performance as a GTX 680. A card from 2012.
This comparison makes absolutely no sense. You'd want to compare the M1 against either the current generation integrated, such as the Vega 8 or 11 in the Ryzen 4xxx mobile CPUs or the Intel Xe-LP in the current tiger lake CPUs, or you'd want to compare it against last gen integrated.
Comparing it against a discreet card from 4 years ago with the performance of a card from 8 years ago is just... weird?
my skeptic hat has gotten smaller, still there, just smaller